Texas Instruments Buys Condat Stake

Updated March 4, 2002 12:01 a.m. ET

Texas Instruments Inc. said it agreed to buy the 89.1% stake of German software maker Condat AG that it doesn't already own for about 96.2 million euros ($83.2 million). The tender offer of 12 euros a share, announced Friday, represents a steep premium to Condat's closing price of 4.70 euros the previous day on Germany's Neuer Markt. Texas Instruments said Condat's founders agreed to sell their 56.2% stake. The net cost to Texas Instruments would be between $60 million and $65 million after it sells back parts of the business to Condat Informationssysteme AG, a new closely-held company, said Charlie Tobin, vice...